The Economic and Financial Crimes Commission (EFCC) has intensified its investigations of high profile financial transactions linked to a former Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN). New Telegraph reliably learnt that Malami was grilled by EFCC’s officials on Monday evening after he was taken into custody.
He was yet to meet the bail conditions set for him by the anti-graft agency as of yesterday evening. It was gathered that the former AGF is being investigated for about 18 different offences, including money laundering, abuse of office and terrorism financing.
Besides, Malami is also being probed over his inability to account for the recovery of $346.2 million Abacha loot through Swiss bank and Island of Jersey, as well as about N10 billion investments in schools, hotels and rice mills in Kebbi State. It was further gathered that the anti-graft agency has secured a remand order to detain the former AGF. The latest development comes less than two weeks after Malami publicly acknowledged that he had been invited by the EFCC for clarifications on several issues.
In a statement posted on his official Facebook page on November 28, Malami assured the public that he would fully cooperate with investigators. He insisted that the allegations against him fications on several issues. In a statement posted on his official Facebook page on November 28, Malami assured the public that he would fully cooperate with investigators.
He insisted that the allegations against him were unfounded and politically motivated. “In line with my undertaking to keep Nigerians updated, I give glory to Allah for His divine intervention. The engagement was successful, and I am released while awaiting further appointments as the truth behind these fabricated allegations continues to unfold,” he said.
However, according to an online newspaper, TheCable, an associate of the former minister said that 46 bank accounts allegedly linked to Malami are currently under investigation, forming a major part of the EFCC’s line of inquiry. The former AGF would be reporting to the EFCC daily as the probe continues.
In 2023, the online newspaper reported that Malami would be questioned over at least five suspicious transactions during his time in office. Malami’s name featured in a number of questionable deals under the Muhammadu Buhari administration. The transactions bordered on the mysterious payment of $496 million to Global Steel Holdings Ltd (GSHL) as settlement for the termination of the Ajaokuta Steel concession nine years after the Indian company had waived all claims for compensation.
Another contentious matter is Malami’s handling of the sale of assets worth billions of naira forfeited to the EFCC by politically exposed persons. The former minister’s role in the $419 million judgment debt awarded to consultants who claimed to have facilitated the Paris Club refunds to states is also up for scrutiny.
Others are the curious agreement to pay Sunrise Power $200 million compensation in its dispute with the federal government over the Mambilla power project, and the duplicated legal fees in the transfer of $321 million Abacha loot from Switzerland to Nigeria. Meanwhile, on November 17, Malami declared his intention to contest the 2027 governorship election in Kebbi state.
